The truth of the situation is that these figures (recurring in different incarnations of $49b, $10b, $20b and now $1.48b) represent unremitted funds (losses), not necessarily missing or stolen funds. NNPC is run as a business (not funded by Government), albeit an inefficient loss-making one for now, while it is being transformed. Yes, some of these inefficiencies may be corruption related, but some of the best run businesses in the world, like Sony and Blackberry, have also posted losses comparable to Nigeria's budget in recent times.

As complex refineries normally take at least 4 years (on the fast track) from conception to commissioning, it is impossible to assign credit for any one of our refineries to just one regime. All regimes during the period will have to take some credit - at least for not derailing them. The credit for the conception of both Warri and Kaduna Refineries will have to go to Gowon's administration, while we'll have to thank the regimes of Murtala, Obasanjo and Shagari for funding and not derailing them (commissioned 1978 & 1980, respectively).

Of recent, there has been some advocacy in the media about off-grid localised, "decentralised" power solutions will be the panacea for our challenges in steady power supply for all. We have seen no data to back up this catchy advocacy. What will be the fuel (or fuels) for these off-grid power solutions? How will such fuel be delivered? What will be the costs: for the fuel and for the delivery? Will they be government owned, private sector owned, or both?

To suggest that Nigeria, with a daily oil production that peaks at about 2.5 million barrels, can stabilise world oil prices, is poppycock!! Even the leading oil producers, U.S., Russia and Saudi Arabia, with a daily production of about 10 million barrels each, cannot manage this, separately or jointly (their disparate conditions and interests considered).

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